Publications in refereed journals

Monetary policy and endogenous financial crises – with F. Collard, J. Gali, and C. Manea, The Review of Economic Studies, 2025, forthcoming

Monetary tightening, inflation drivers and financial stress – with F. Collard, C. Manea, and A. Shapiro, International Journal of Central banking, vol. 21, n. 2, April 2025, pp. 147–220

The collateral composition channel, with R. Cooper
American Economic Journal: Macro, vol 12, no. 1 (January 2020): 45-75

Booms and banking crises, with F. Collard and F. Smets
Journal of Political Economy, vol 124, no. 2 (April 2016): 489-538
Replication material

Payment defaults and interfirm liquidity provision, with R. Gropp
Review of Finance, vol 17, no 1 (January 2013): 1853-1894

Institutional publications

Prudential policy and financial dominance: exploring the link, with C. Borio, C. Leonte, and I. Shim
BIS Quarterly Review, February 2023

Hard or soft landing?, with F. De Fiore and E. Kharroubi
BIS Bulletin, July 2022

Blockchain scalability and the fragmentation of crypto, with G. Cornelli, S. Doerr, and J. Frost
BIS Bulletin, June 2022

Are major advanced economies on the verge of a wage-price spiral?, with F. De Fiore, D. Igan, A. Pierres-Tejeda, and D. Rees
BIS Bulletin, May 2022

Labour markets and inflation in the wake of the pandemic, with E. Kohlscheen, R. Moessner, and D. Rees
BIS Bulletin, October 2021

Tools for managing banking distress: historical experience and lessons for today, with S. Claessens, and A. Villegas
BIS Quarterly Review, December 2020

Trade credit, trade finance, and the Covid-19 crisis, with N. Patel and H-S. Shin
BIS Bulletin, June 2020

Dealing with Covid-19: understanding the policy choices, with D. Rees and P. Rungcharoenkitkul
BIS Bulletin, May 2020

Macroeconomic effects of Covid-19: an early review, with P. Rungcharoenkitkul
BIS Bulletin, April 2020

Impact of financial regulations: insights from an online repository of studies, with C. Cantu, S. Claessens, and A. Villegas
BIS Quarterly Review, March 2019

Publications in books

Big techs in finance: on the new nexus between data privacy and competition, with T. Ehlers, L. Gambacorta and H-S. Shin in Palgrave Handbook of Technological Finance, June 2021. BIS Working Paper version.

Is lending in Central and Eastern Europe developing too fast?, with O. Calvo-Gonzales, T. Kozluk, in Financial development, integration, and stability, edited by K. Liebscher, J. Christl, P. Mooslechner, D. Ritzberger-Grünwald, November 2006